Lessons from the penny on letting go of poor performing brands.
By Luke Sklar and Amber Hudson
It’s going to cost more for your thoughts and to make a wish in the fountain now that the Canadian government has put the kybosh on the penny. And it’s about damn time! I get it, sort of. People become attached to things that hold sentimental value. And look how the penny has pervaded our culture through imagery and adages: the lucky penny, Penny Lane, Pennies from Heaven, collecting pennies as a kid, here’s my two cents, penny wise pound foolish, a penny saved is a penny earned and probably many other old-fart sayings I can’t recall. Oh, here’s another one: to spend a penny – British slang meaning to urinate.
We can now add the penny to the list of defunct things we’ll prattle on about when we’re all in the old age home, along with landlines, DVDs, Coffee Time and fax machines.
Just like those clothes in the back of your closet you swear you’ll wear as soon as you drop 10lbs, that hideous salad bowl your Aunt Maud gave you as a wedding present, and the Toronto Maple Leafs, it’s time to let go.
Great marketers know when to remove the sentiment and let bad brands die. We talked about these dog brands in our Know When to Kill the Dog post. What about your brands? Have a good hard look at your line up; are there any that are sucking resources, weighing you down and need a little Kevorkian-like attention?
The penny is worth less than the metal on which it is stamped. How about your brand?